Glenmark Pharmaceuticals (GPL) announced that for consumption and supply of renewable energy has entered into Securities Subscription &
Shareholdersf Agreement with O2 Renewable Energy XXIV and O2 Energy SG PTE and Power Purchase Agreement with O2 Renewable Energy XXIV.
In line with GPL's commitment to become carbon neutral by 2030, this investment will enhance the share of renewable power in its operation. The acquisition of shares will enable GPL to invest in renewable energy and thereby comply with regulatory requirement for being a captive user under Indian electricity laws. GPL will acquire minimum 26% stake on fully diluted basis in O2 Renewable Energy XXIV in order to qualify for captive requirements as per the provision of Electricity Act, 2003. Post]acquisition, O2 Renewable Energy XXIV, will become an associate of GPL.
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